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Economy of Latvia. Statistics, Data and Indicators

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Latvia
69A- Credit rank #39
N/A Quality of life #
39 Corruption rank#41
19 Ease of doing business#19
Latvia


Latvia Major Economic Indicators

Indicator Data Period
GDP Value 41.15 USD Billion 2022
GDP Annual Growth Rate -0.5 % 2Q/23
GDP Growth Rate -0.3 % 2Q/23
GDP per capita 16947 USD 2022
Inflation Rate YoY 3.3 % Sep/23
Interest Rate 4.5 % Sep/23
Unemployment Rate 6.4 % 2Q/23
Wages 1128 EUR/Month | 1196.69 USD/Month Jun/23
Balance of Trade -411 EUR Million | -0.436 B USD Aug/23
Current Account -57 EUR Million | -0.06 B USD Jul/23
Foreign Exchange Reserves 4376 USD Million | 4.376 B USD Sep/23
Government Debt 17101 EUR Million | 18.142 B USD 1Q/23


GDP Indicators

Indicator Data Period
GDP Value 41.15 USD Billion 2022
GDP Annual Growth Rate -0.5 % 2Q/23
GDP Growth Rate -0.3 % 2Q/23
GDP per capita 16947 USD 2022
Gross National Product 9844 EUR Million | 10.443 USD Billion 2Q/23
GDP Constant Prices 7232669 EUR Thousand | 7.673 B USD 2Q/23
GDP per capita PPP 32733 USD 2022
GDP From Agriculture  287583 EUR Thousand | 0.305 B USD 2Q/23
GDP From Construction  318132 EUR Thousand | 0.338 B USD 2Q/23
GDP From Manufacturing  846315 EUR Thousand | 0.898 B USD 2Q/23
GDP From Mining  162738 EUR Thousand | 0.173 B USD 2Q/23
GDP From Public Administration  483626 EUR Thousand | 0.513 B USD 2Q/23
GDP From Services  919099 EUR Thousand | 0.975 B USD 2Q/23
GDP From Transport  458174 EUR Thousand | 0.486 B USD 2Q/23


Budget Indicators

Indicator Data Period
Government Debt to GDP 40.8 % 2022
Government Budget Value -14215982 EUR | -0.015 USD Billion Aug/23
Government Spending 1525580 EUR Thousand | 1.618 USD Billion 2Q/23
Government Debt 17101 EUR Million | 18.142 USD Billion 1Q/23
Government Revenues 1314457 EUR Thousand | 1.395 USD Billion Aug/23
Fiscal Expenditure  1333892 EUR Thousand | 1.415 B USD Aug/23
Government Budget to GDP -4.4 % 2022
Government Spending to GDP 40.2 % 2022
Military Expenditure 849 USD Million | 0.849 B USD 2022


Inflation Indicators

Indicator Data Period
Consumer Price Index (CPI) 144 index points Sep/23
Export Prices 133 index points Jul/23
Food Inflation 5.7 % Sep/23
Gasoline Prices 1.85 USD/Liter Sep/23
GDP Deflator 1.41 % 2Q/23
Import Prices 112 index points Jul/23
Inflation Rate YoY 3.3 % Sep/23
Producer Prices 154 index points Aug/23
Inflation Rate Mom -0.4 % Sep/23
Core Consumer Prices 130 Index Points Jul/23
Core Inflation Rate 8.1 % Aug/23
CPI Housing Utilities 162 Index Points Sep/23
CPI Transportation 135 Index Points Sep/23
Harmonised Consumer Prices 144 Index Points Aug/23
Producer Prices Change  -8.9 % Aug/23


Trade Indicators

Indicator Data Period
Current Account to GDP -6.4 % 2022
Balance of Trade -411 EUR Million | -0.436 USD Billion Aug/23
Capital Flows 129000 EUR Thousand | 0.137 USD Billion 2Q/23
Current Account -57 EUR Million | -0.06 USD Billion Jul/23
Exports 1467 EUR Million | 1.556 USD Billion Aug/23
External Debt 39950 EUR Million | 42.383 USD Billion 2Q/23
Foreign Exchange Reserves 4376 USD Million | 4.376 USD Billion Sep/23
Imports 1878 EUR Million | 1.992 USD Billion Aug/23


Money Indicators

Indicator Data Period
Bank Lending Rate 6.37 % Jul/23
Gold Reserves 6.66 Tonnes 2Q/23
Interbank Rate 0.17 % Oct/23
Interest Rate 4.5 % Sep/23
Loans to Private Sector 4871 EUR Million | 5.168 USD Billion Aug/23
Money Supply M0 11050 EUR Million | 11.723 USD Billion Aug/23
Money Supply M1 16511 EUR Million | 17.516 USD Billion Aug/23
Money Supply M2 19782 EUR Million | 20.987 USD Billion Aug/23
Central Bank Balance Sheet 25507 EUR Million | 27.06 B USD Aug/23
Foreign Direct Investment 150 EUR Million | 0.159 B USD Jul/23


Labor Indicators

Indicator Data Period
Minimum Wages 620 EUR/Month | 657.755 USD/Month 3Q/23
Retirement Age Men 64.25 2022
Retirement Age Women 64.25 2022
Unemployment Rate 6.4 % 2Q/23
Wages 1128 EUR/Month | 1196.69 USD/Month Jun/23
Youth Unemployment Rate 9 % Aug/23
Employed Persons 888 Thousand Person | 0.888 Million Person 2Q/23
Employment Change  -0.1 % 2Q/23
Employment Rate  64.4 % 2Q/23
Full Time Employment 783 Thousand Person 2Q/23
Job Vacancies 25004 | 25.004 K 2Q/23
Labor Force Participation Rate 68.8 % 2Q/23
Long Term Unemployment Rate 1.9 % 2Q/23
Part Time Employment 53.4 Thousand Persons 2Q/23
Unemployed Persons 49095 Persons | 0.049 Million Persons Aug/23


Taxes



Production Indicators

Indicator Data Period
Electricity Production 134 GWh Jul/23
Industrial Production -4.9 % Aug/23
Mining Production -27.3 % Aug/23
Industrial Production (MoM) 1.7 % Aug/23


Business Indicators

Indicator Data Period
Business Confidence -7.6 index points Aug/23
Corruption Index 59 index points 2022
Corruption Rank 39 place 2022
Ease of Doing Business 19 place 2019
Manufacturing Production -3.8 % Aug/23
Competitiveness Index 66.98 Index Points 2019
Competitiveness Rank 41 2019
Economic Optimism Index 94.5 Index Points Aug/23


Consumer Indicators

Indicator Data Period
Consumer Confidence -11.3 index points Aug/23
Retail Sales MoM -0.4 % Aug/23
Retail Sales YoY -2.7 % Aug/23
Consumer Credit 509 EUR Million | 0.56 USD Billion Dec/18
Consumer Spending 4253117 EUR Thousand | 4.512 USD Billion 2Q/23
Households Debt To Income 29.18 % 2021


Housing Market

Indicator Data Period
Construction Output 15.4 % 2Q/23